Yokohama Q1: Tires division enters loss, ATG remains profitable
The Yokohama Rubber Co. Ltd. posted a 258 million yen loss during the first quarter of 2020 compared with 9.1 billion yen in profit in the same period of the previous year. Meanwhile operating profit fell 90.4 per cent, to 1.2 billion yen. Sales revenue declined 13.6 per cent to 129.1 billion yen.
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AMTE Power and Britishvolt move towards UK’s first Gigafactory battery manufacturing factory
Roughly a year after reports suggested the UK could become home to a gigafactory, AMTE Power and Britishvolt announced plans to investigate collaborating to build the UK’s first full cycle battery cell GigaPlant, servicing the automotive and energy storage markets. Both parties have signed a memorandum of understanding (MoU) focussed on each other`s complementary ambitions to create and expand an onshore manufacturing supply chain. The successful outcome of the collaboration would enable scalable production of a diverse product portfolio of lithium ion batteries to support the country’s Road to Zero targets and unprecedented transition to electrification.
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Apollo Tyres’ full-year earnings fall to 4.76 billion rupees
Apollo Tyres, the India-based tyre manufacturer that owns the Vredestein brand, has reported fourth-quarter 2019 financial results that show sales and earnings fell significantly.
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24 challenges in 24 hours for Falken
The ADAC TOTAL 24h of the Nürburgring has been rescheduled for September, leaving a cloud-shaped hole in Falken Motorport’s schedule. The tyre brand’s team is followed by an enthusiastic fan base, though, and Falken has found a way to engage them without the totemic event of its motorsport season.
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Conti ‘intensively’ monitoring European tyre demand and production, but R&D budgets intact
Following Continental’s first quarter 2020 financial results and reports that the company is preparing to cut its R&D budgets and European tyre production, Tyres & Accessories asked executives at the company’s Hanover, Germany headquarters to comment on the proposals. According to the tyre manufacturer, Continental is “intensively” monitoring European tyre demand and production “including a review of our tyre manufacturing footprint if we conclude that volumes will not recover to expected volumes”. Furthermore, there may have been reductions in tyre testing frequency as an inevitable result of social distancing, but overall research and development budgets remain intact.
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New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%
The UK Department for International Trade has announced a new UK Global Tariff (UKGT). Announced on 19 May 2020, this replaces the EU’s Common External Tariff on 1 January 2021 at the end of the Brexit Transition Period. As it pertains to the tyre business, while there are various categories, the announcement basically means the new UKGT sees tyre duty reduced from 4.5% to 4.0%. Camel back rubber for use in retreading stays at 0%, while duties cushion industrial tyres are reduced to 2.0% from 2.5%.
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Kumho, Fiege Logistics open major tyre warehouse in Hamburg
Kumho is opening a major new tyre warehouse in Hamburg, Germany with leading European logistics company Fiege. Located adjacent to the city’s harbour, Kumho states the new facility will allow it to supply stock to the majority of German tyre dealers within 24 hours. It will also supply some Kumho distributors in Netherlands, Belgium, Luxembourg and Austria. Fiege Logistics will be responsible for all warehouse processes, including tyre handling from the arrival of product by container to delivery and shipment tracking.
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Vipal Machinery aims to expand internationally
Vipal’s tyre retreading equipment development has sold 56 machines since the start of its operations in 2016. According to the company, these were sent to countries in North America, South America and Oceania. Now, the plan is planning to expand internationally.
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